Company disclosures (7)
Climate-Related Targets and Performance
Base Building Energy Intensity Target
Target: ≤271 MJ/m² by 2025 Performance: 266 MJ/m² achieved in 2025 Status: ✅ Achieved
- Objective: Energy efficiency and operational improvement
- Applies to: Group-wide base building operations
- Metric type: Intensity-based
- Base period: Annual targets set with performance tracked
Base Building Emissions Intensity Target (Scope 1 and 2 market-based)
Target:
- With carbon offsets = ≤10 kgCO2e/m² by 2025
- Without carbon offsets = <15 kgCO2e/m² by 2025
Performance:
- With carbon offsets = 3 kgCO2e/m²
- Without carbon offsets = 10 kgCO2e/m²
Status: ✅ Achieved
- Objective: Mitigation through efficiency and renewable energy
- Applies to: Group-wide base building operations
- Metric type: Intensity-based
Base Building Total Emissions Target (Scope 1 and 2 market-based)
Target:
- With carbon offsets = 21,000 tCO2e
- Without carbon offsets = 34,000 tCO2e
Performance:
- With carbon offsets = 4,579 tCO2e
- Without carbon offsets = 17,954 tCO2e
Status: ✅ Achieved
- Objective: Absolute emissions reduction and mitigation
- Applies to: Group-wide base building operations
- Metric type: Absolute
Climate Resilience Target
Target: Develop and deliver climate adaptation plans for at least 90% (by value) of GPT's wholly owned and property managed Office and Retail assets by 2025 Performance: 100% climate adaptation plans developed and in delivery for GPT wholly owned and property managed Office and Retail assets Status: ✅ Achieved
- Objective: Climate adaptation and resilience
- Applies to: GPT wholly owned and property managed Office and Retail assets
- New goal established for 2026: Develop and deliver climate adaptation plans for all assets GPT has an ownership interest in by 2027
Grid Readiness and Electrification Target
Target: Continue to implement pathways to facilitate grid readiness including building electrification strategy, battery and solar solutions, by end 2027 Performance: Electrification assessment for Office portfolio underway; battery solutions adopted at 3 sites; onsite renewables installed at 42 sites Status: 🔄 On track
- Objective: Transition and adaptation to low-carbon energy systems
- Applies to: Group-wide portfolio
- Period: Multi-year target through 2027
Carbon Neutral Certifications
Corporate Operations Target: Offset residual corporate operations emissions: maintain carbon neutral certification for corporate operations emissions (since 2011) Performance: Actioned, submitted to Climate Active in 2025, for certification Status: 🔄 In progress
- Objective: Carbon neutral operations
- Applies to: Corporate operations
- Base period: Since 2011
- Note: This objective will be reviewed in 2026 as part of GPT's sustainability policy suite review
Base Building Operations Target: Offset residual base building emissions: Maintain carbon neutral certifications for GPT owned and property managed assets, and target certification for new assets (from end 2024); and work with asset co-owners to achieve or maintain carbon neutral certification for the operations of all base buildings by 2030 Performance: Achieved and maintained in 2025 Status: ✅ Achieved
- Objective: Carbon neutral building operations
- Applies to: GPT owned and property managed assets
- Target period: Through 2030 for all base buildings
- Note: This objective will be revised in 2026 as part of GPT's climate and offset strategy review
Development Emissions Target
Target: Where feasible, reduce embodied carbon emissions in developments and consider any necessary offsets for residual emissions Performance: Embodied carbon assessments completed for Rouse Hill Town Centre, NSW and 51 Flinders Lane, Melbourne and scheduled for Melbourne Central redevelopment Status: 🔄 In progress
- Objective: Mitigation of embodied carbon in developments
- Applies to: Development projects
- Note: This objective will be reviewed in 2026 as part of GPT's climate and offset strategy review
Offset Quality Target
Target: Ensure offsets meet quality and permanence criteria Performance: Offsets have been prepurchased in line with key criteria. Greenfleet provide third party assurance over project progress. Status: ✅ Achieved
- Objective: High-quality carbon offsetting
- Applies to: All offset procurement
Approach to Setting and Reviewing Targets
Energy intensity goals are set annually; changes to portfolio, occupancy rates and trade levels as well as weather conditions can impact delivery of goals. Additional goals are set annually with performance monitored through our management reporting systems.
Asset-level sustainability KPIs are embedded into the performance objectives of a range of functions across the business, including asset management leaders.
Use of Carbon Credits
GPT uses carbon offsets to compensate for residual emissions that are challenging or not currently feasible to eliminate, including gas for heating, refrigerants, waste and landfill.
Offset Quality and Sources
GPT has secured a supply of offsets which includes:
- Offsets that meet the Australian regulatory scheme
- Certified Verified Carbon Units
- Focus on offsets that facilitate renewable energy generation with consideration to offset quality criteria (including additionality, permanence, measurability)
Specific Offset Programs
Restoring Country for Climate Partnership: Since 2019, GPT has proactively purchased carbon offsets through its partnership with Greenfleet. This project is working to restore 1,100 hectares of cleared land to legally protected native forest in south-east Queensland, owned by the Kabi Kabi People's Aboriginal Corporation.
2025 Performance: During 2025, the project sequestered 105,575 tonnes of carbon dioxide equivalent (CO2-e). Since 2022, 459 hectares of legally protected native forest has been planted.
Total Offsets Applied: 13,375 tCO2e of base building offsets for Scope 1 and 2 emissions in 2025.
In development opportunities, biodiversity impacts such as those relating to land clearing may be unavoidable and, in these circumstances, GPT has applied offsets and restoration initiatives.
Climate-related targets and performance
Climate Transition Plan - This plan outlines our ambition to support the transition to a net-zero economy by taking action in our underwriting and investment portfolios, and to achieve net-zero emissions across our own operations by 2030.
The Board also received quarterly updates on progress against the metrics and targets in the Sustainability Scorecard, and approved the 2030 Sustainability Scorecard which included the targets forming part of the Transition Plan.
Executive remuneration linkage - Conditional rights granted under the 2024 and 2025 LTI plans are subject to financial and non-financial performance targets, including 10% that are subject to a sustainability performance measure. Sustainability performance within the LTI plans is measured based on progress against the initiatives and targets in our Sustainability Scorecard, which comprise metrics attributable to climate as well as other areas of sustainability. This component represents 2.0% of total executive key management personnel remuneration recognised in the current year, of which 1.1% is estimated to be attributable to climate-related initiatives based on the proportion of metrics in the 2023–2025 Sustainability Scorecard that are attributable to climate.
Climate-related targets and performance
Scope 1 and 2 emissions targets
Primary target: Reduce net Scope 1 and 2 emissions by 50% by 2030 (relative to 2018 levels)
- Metric: Net Scope 1 and 2 GHG emissions (Mt CO2e)
- Objective: Mitigation and transition
- Scope: Group-wide (adjusted equity basis)
- Target type: Intensity reduction (50% reduction from baseline)
- Base period: 2018 baseline
- International agreement alignment: Aligned with Paris Agreement goals, including efforts to limit global warming to 1.5°C
- Carbon credits limitation: Limit contribution of carbon credits to 10% of 2018 baseline
Long-term target: Reach net zero by 2050
- Metric: Net Scope 1 and 2 GHG emissions
- Objective: Mitigation and transition
- Scope: Group-wide
- International agreement alignment: Aligned with Paris Agreement net zero goals
2025 Performance:
- Gross Scope 1 and 2 emissions: 31.5 Mt CO2e (2024: 31.7 Mt CO2e)
- Progress: 14% below 2018 levels (gross), 17% below baseline (net after offsets)
- Carbon credits used: Retired ~1.01 million ACCUs for 2024 compliance, expecting ~1.17 million for 2025
Steel value chain targets
Customer support target: Support customers' ambitions to reduce carbon emissions from blast furnace–basic oxygen furnace (BF-BOF) process by 20–30% by 2035
- Metric: Percentage reduction in customer emissions
- Objective: Scope 3 emissions reduction through customer support
- Approach: Direct technical support and co-developing technology solutions
IOC high-grade ore target: Reduce net Scope 3 emissions from IOC high-grade ores by 50% by 2035 (relative to 2022)
- Metric: Net Scope 3 emissions from specific product category
- Base period: 2022
- Scope: IOC high-grade ore products
- Note: Subject to funding approval and technical feasibility
Technology milestone: Commission a shaft furnace – direct reduced iron (DRI) + electric smelting furnace (ESF) pilot plant by 2028 (revised from 2026)
- Metric: Technology deployment milestone
- Partnership approach: In partnership with a steelmaker
- Status: NeoSmelt™ ESF pilot entered feasibility stage with federal government support
Beneficiation milestone: Finalise study on a beneficiation pilot plant in the Pilbara by 2026
- Metric: Project milestone completion
- Status: Completed beneficiation pilot plant trials, successfully producing >30 kt of high-grade material
Alumina value chain targets
Partnership target: Partner with at least 2 bauxite customers annually with the goal of improving energy efficiency and reducing emissions
- Focus areas: Digestion improvement technology; controlling organic compounds; reducing moisture content
- 2025 Performance: Met partnership targets and strengthened partnerships with bauxite customers. Signed MOU with strategic partner for regular technical exchanges.
Shipping targets
Net zero target: Reach net zero shipping by 2050 across our shipping footprint
- Metric: Total shipping emissions
- Scope: All shipping operations
- Objective: Mitigation
Low-carbon fuel commitment: Fulfil First Movers Coalition pledge of 10% of time-chartered fleet running on low-carbon fuels by 2030, progressing to 100% by 2040
- Dependencies: Subject to availability of technology, supply, safety standards and reasonable price premium
Emissions intensity target: Reduce emissions intensity by 40% by 2025 and 50% by 2030 (relative to IMO's 2008 baseline)
- 2025 Performance: Achieved 39% improvement (1% short of 40% target, largely due to weather impacts in Pilbara)
- Metric: Emissions intensity per tonne-kilometre
Procurement targets
Supplier engagement: Engage with 50 of our highest-emitting suppliers on emissions reduction
- Focus: Driving supplier accountability for setting and delivering against decarbonisation targets
- 2025 Progress: Advanced supplier engagement across high-emissions categories
Sourcing criteria: Implement decarbonisation evaluation criteria for new sourcing in high-emitting categories
- Categories: Raw materials, explosives, global equipment
- 2025 Progress: Decarbonisation criteria embedded in evaluation processes
Target setting and review approach
Review process: Our updated 2025 CAP was approved by shareholders at our 2025 AGM. The Board committed to repeating the shareholder vote every 3 years at minimum, unless there are significant interim changes.
Monitoring approach: The Board receives regular updates through Monthly Performance Review scorecard including detailed decarbonisation scorecard covering operational emissions, offsets, abatement projects and Scope 3 emissions.
Capital allocation alignment: Decarbonisation investment decisions are made under a dedicated evaluation framework considering shareholder value, emissions abatement potential, technology maturity, and competitiveness against marginal abatement cost curve.
Carbon credits and offsets approach
High-integrity standards: All carbon credits must pass our due diligence assessment, including meeting high-integrity criteria. Information available at riotinto.com/naturesolutions.
Nature-based solutions: We are investing in high-integrity nature-based solutions in regions where we operate, enabled more than 500,000 hectares of projects in 2025.
Usage framework: We use high-quality carbon credits from nature-based solutions towards our 2030 target, limiting contribution to 10% of 2018 baseline emissions.
Target revisions and updates
No target revisions were made during 2025. The climate change targets and commitments published in our 2025 CAP are unchanged from previous commitments. However, capital expenditure guidance was updated to $1-2 billion to 2030 (reduced from $5-6 billion) to reflect slower technology development pace.
Climate-related targets
Scope 1 and 2 emissions targets: • By 2030: 30% reduction in Scope 1 and 2 emissions (equity share) • By 2030: 40% reduction in Scope 1 and 2 emissions intensity (equity share) • By 2040: net-zero Scope 1 emissions (equity share) • By 2050: net-zero Scope 2 emissions
Other emissions targets: • By 2030: reduce customers' Scope 1 and 2 emissions (Santos Scope 3) by at least 1.5 million tonnes per annum of CO2e from the supply of low carbon fuels and carbon management services • By 2030: achieve zero routine flaring where economically feasible for operated oil production • By 2030: achieve near-zero methane emissions
Carbon storage target: • By 2040: build and operate a commercial carbon storage business, safely and permanently storing at least 13.65 million tonnes of third-party CO2 per annum
Performance against targets
2030 Scope 1 & 2 net equity emissions target: Achieved - Completed in 2025. In 2025, Santos' Scope 1 and 2 net emissions (equity share) were 42 per cent lower than our baseline year of 2019–20. As a result, Santos' net emissions were below our 2030 target to reduce Scope 1 and 2 net emissions (equity share) by 30 per cent.
Carbon storage performance: 1.23 million tonnes of carbon dioxide equivalent (CO2e) stored (+262% on 2024), with 907,872 Australian Carbon Credit Units (ACCU) received for Moomba CCS.
Use of carbon credits
We seek to meet our emissions reduction targets in line with our emissions hierarchy of avoid, reduce and offset. This hierarchy prioritises avoidance and reduction of greenhouse gas emissions as a key lever towards decarbonising our business. The purchase of external credits is our last option.
Climate-related targets and performance
Net zero scope 1 and 2 emissions target
The Group has a target to achieve net zero (scope 1 and 2) emissions across wholly-owned Westfield destinations by 2030 and an interim target to achieve a 50% reduction in scope 1 and 2 emissions by 2025 across wholly-owned destinations. Beyond 2030, the Group's goal is to maintain net zero emissions for all wholly-owned destinations.
Target specifications
Metric used: Greenhouse Gas Protocol metrics, specifically carbon dioxide equivalent (CO2e) measured in tonnes of CO2e
Objective: The Group's net zero target is a net GHG emissions target. Its objective is to minimise scope 1 and 2 emissions.
Part of entity covered: Wholly-owned Westfield destinations
Period and milestones:
- Baseline: 2014 (the year Scentre Group was established)
- Interim target: 50% reduction by 2025
- Final target: Net zero by 2030
- Beyond 2030: Maintain net zero emissions for all wholly-owned destinations
Target type: Absolute target (measured in tonnes CO2e)
Alignment with international agreements: While the Paris Agreement did not inform the setting of the Group's net zero target, the Group aims to achieve its net zero target by 2030, 20 years ahead of the Paris Agreement's 2050 goal.
Independent validation: While the target has not been independently validated, the Group's progress towards the net zero target is validated by a third party each year.
Performance against targets for the reporting period
Progress towards net zero target
In 2025, the Group achieved a 57% reduction in scope 1 and 2 emissions across wholly-owned destinations, exceeding the Group's interim target to achieve a 50% reduction in scope 1 and 2 emissions for wholly-owned Westfield destinations since 2014.
The Group is on track to achieve its net zero target by 2030, with agreements in place to deliver net zero scope 2 emissions for all wholly-owned Westfield destinations.
Wholly-owned destinations performance
| Emissions tCO2e – wholly-owned destinations | 2025 | 2014 baseline | % reduction since 2014 |
|---|---|---|---|
| Scope 1 emissions | 2,931 | 8,107 | -64% |
| Scope 2 emissions (market-based) | 41,846 | 95,166 | -56% |
| Total scope 1 + 2 (market-based) | 44,776 | 103,273 | -57% |
Total portfolio performance
| Emissions tCO2e – total portfolio | 2025 | 2014 baseline | % reduction since 2014 |
|---|---|---|---|
| Scope 1 emissions | 10,074 | 18,984 | -47% |
| Scope 2 emissions (location-based) | 171,099 | 296,320 | -42% |
| Scope 2 emissions (market-based) | 125,436 | 289,851 | -57% |
| Total scope 1 + 2 (location-based) | 181,173 | 315,304 | -43% |
| Total scope 1 + 2 (market-based) | 135,510 | 308,835 | -56% |
Metrics used to monitor progress
Primary monitoring metrics:
- Scope 1 emissions (tCO2e)
- Scope 2 emissions (tCO2e) - both location-based and market-based
- Total scope 1 + 2 emissions (tCO2e)
- Percentage reduction from 2014 baseline
Supporting operational metrics:
- Energy efficiency improvements through LED upgrades
- Building analytics implementation
- On-site solar generation capacity (currently 12.2MW across nine destinations)
- Renewable energy certificate procurement
- Plant and equipment replacements
Approach to setting and reviewing targets
When the Group set the target in 2020, consideration was given to industry examples of net zero targets, external research regarding energy policy, energy markets, access to renewable energy and internal financial modelling; however, a formal sectoral approach was not applied at the time.
The Group's net zero target is supported by comprehensive internal processes and was endorsed by management and the Board of Directors.
The net zero target and progress towards it are reviewed annually, in line with financial and operational reporting.
Revisions to targets
There have been no changes to the net zero target since its disclosure in 2020.
Baseline adjustments: Since setting the baseline, the Group's portfolio has changed due to asset acquisitions and disposals. Accordingly, the baseline has been adjusted to ensure a like-for-like comparison.
In 2025, the Group announced the partial divestment of Westfield Chermside and Westfield Sydney. The completion of Westfield Chermside occurred within the reporting period, with the baseline adjusted to reflect the change. Westfield Sydney completed in February 2026 and is reflected as a wholly owned asset in the 2025 performance.
Use of carbon credits (offsets)
Current status: Any scope 1 emissions remaining after efforts to reduce them through operational initiatives, will be monitored and additional measures will be considered. This may include the use of offsets, however at this stage no decision has been made regarding the types of offsets that may be used.
Future approach: The Group has not yet determined its approach to carbon credits/offsets for achieving its net zero target, but continues to evaluate this as part of its strategy for addressing residual emissions.
Year-over-year performance trends
2025 vs 2024: The Group's scope 1 and 2 emissions reduced by 2% compared to the prior period (from 185,321 tCO2e in 2024 to 181,173 tCO2e in 2025), reflecting the continued implementation of the Group's net zero strategy.
Progress toward interim target: The Group has exceeded its 2025 interim target of 50% reduction, achieving 57% reduction across wholly-owned destinations since the 2014 baseline.
Climate-related targets and performance
Emissions reduction target at Geelong Refinery
Target description: The Group has committed to various decarbonisation initiatives and emissions reduction targets, with particular focus on the Geelong Refinery.
2025 performance: In 2025, we invested $20 million in a series of capital projects at the Geelong Refinery aimed at reducing emissions where commercially viable. These projects are expected to deliver an estimated annual reduction of 29 kt Scope 1 emissions.
Approach to setting targets
We review and prioritise decarbonisation initiatives based on their technical and financial viability. The Board sets the Company's emissions reduction ambitions and other policies that guide operational decision-making.
Monitoring progress
The Sustainability Committee performs a 6-monthly review of progress against the Company's climate-related targets, and of the Geelong Refinery against Safeguard Mechanism requirements.
Across the 2025 year, the Sustainability Committee reviewed: • developing the Company's decarbonisation strategy, pathways and transition planning • ongoing review of the Company's carbon emissions profile, reduction process and plans • progress against the Company's climate-related targets
Carbon credits usage
We currently engage in the surrendering of Australia Carbon Credit Units (ACCUs) to meet our obligations under the Safeguard Mechanism.
Executive remuneration linkage
On average, 9% of the total short-term incentives accrued in 2025 for the Executive Leadership Team were linked to climate-related considerations. Relevant metrics for 2025 included: • Sites with rooftop solar and electric vehicle (EV) chargers • Open the New Energies / Hydrogen Service Station and commercialise position in hydrogen • Complete front-end engineering design for plastics recycling • Secure policy settings for low carbon fuel processing • Establish sustainable aviation fuel import capability
Climate-related targets and performance
Net equity Scope 1 and 2 GHG emissions reduction target
Target metric: Net equity Scope 1 and 2 GHG emissions Objective: Mitigation - reducing Woodside's direct operational GHG emissions Target scope: Group-wide across all operated assets Target period: 2025 target (part of longer-term trajectory) Base period: Starting base of 6.27 Mt CO2‑e which is representative of the gross annual average equity Scope 1 and 2 GHG emissions over 2016–2020 Target type: Absolute reduction target International agreement alignment: Supports global climate goals through operational emissions reduction 2025 Performance: Achieved - Woodside delivered its 2025 net equity Scope 1 and 2 GHG emissions reduction target. These net equity GHG emissions were 15% below the starting base for the 12‑month period ending 31 December 2025, achieving the target of 5,334 kt CO2‑e.
Methane emissions intensity target
Target metric: Methane emissions intensity (% of production by volume) Objective: Mitigation - reducing methane emissions from operations Target scope: Operated assets Target period: Five years to 2029 Target type: Intensity-based target Target level: Maintain methane emissions intensity below 0.2% at operated assets International agreement alignment: Part of OGMP 2.0 "Gold Standard Pathway" plan aligned with UNEP framework Current performance: Woodside's reported methane emissions are currently around 0.1%
Scope 3 investment target
Target metric: Capital expenditure on new energy products and lower-carbon services Objective: Transition - investing in products and services to support the energy transition Target scope: Group-wide investments Target period: By 2030 Target type: Absolute investment target Target level: $5 billion investment in new energy products and lower-carbon services 2025 Performance: Cumulative expenditure reached $2.6 billion at the end of 2025, up from $2.46 billion at the end of 2024. The completion payment for Beaumont New Ammonia will increase progress to over $3 billion.
Use of carbon credits
In relation to our 2025 equity Scope 1 and 2 GHG emissions, 1,283 kt CO2‑e carbon credits were retired in order to meet our target. This includes retirement of carbon credits subsequent to the period, after full year 2025 gross equity Scope 1 and 2 GHG emissions were calculated and externally assured.
Carbon credit sources: As at 31 December 2025, Woodside continues to manage a portfolio of more than 20 million carbon credits sourced from projects registered under established carbon crediting schemes, including the ACCU Scheme, Verra, Gold Standard and the Climate Action Reserve.
Carbon credit types: Woodside currently uses a mix of avoidance (e.g. landfill gas capture or renewable energy) and removal type carbon credits (e.g. biosequestration such as reforestation), with the current approach seeking to increase the proportion of land-based, removal carbon credits over time.
Integrity standards: In addition to using carbon credits registered under established carbon crediting schemes, Woodside undertakes further due diligence based on available project, scheme and method information to inform its purchases, investments and retirements. This due diligence generally considers GHG integrity factors such as additionality and permanence; and environmental, social and governance factors.
Target setting and review approach
The Board approves relevant sustainability-related targets, monitoring performance against them. Climate metrics make up 15% of the total Company Scorecard, and are based on gross Scope 1 and 2 GHG emissions performance and on new energy project progress. However, climate related emissions targets within the company scorecard do not include the use of offsets, which helps to focus Woodside's Executive Leadership Team on continued reduction of gross emissions at our operations.
Target revisions
No specific target revisions are disclosed for the 2025 reporting period beyond the achievement of the 2025 net equity Scope 1 and 2 GHG emissions reduction target.